†††††††††††† (2)† Paragraph 2(r) of the Act is amended by
striking out the words and brackets "or under the Foreign Insurance Companies Act (Canada)".

†††††††††††† (3)† Paragraphs 2(aa), (ll) and (uu) of the Act are
repealed.

††††††† 2.(1) Paragraph 10(1)(b) of the Act is amended by
striking out the words "approved by the minister to carry on business in
the province".

†††††††††††† (2)† Paragraph 10(1)(c) of the Act is amended by
striking out the words and brackets "or the Foreign Insurance Companies Act (Canada)".

††††††† 3.(1) Subsections 14(5) and (6) of the Act are
repealed.

†††††††††††† (2)† Subsection 14(9) of the Act is repealed and
the following substituted:

†††††††††††† (9)† The superintendent shall not issue a licence
to an insurer incorporated in a foreign jurisdiction except upon proof of the
insurer's ability to provide for the payment at maturity of all its contracts
but the superintendent may accept as sufficient the fact that the insurer

†††††††††††† (a)† is licensed by any government in Canada;
or

†††††††††††† (b)† has been issued an order under subsection
53(1) or 574(1) of the Insurance
Companies Act (Canada).

†††††††††††† (3)† Subsection 14(10) of the Act is repealed and
the following substituted:

†††††††††† (10)† Effective July 1, 1994,
after notification by the Department of Health to the superintendent of any
unpaid levy due under the Medical Care
Insurance Act or the Hospital Insurance
Agreement Act, the superintendent shall prohibit the insurer from entering
into new contracts of insurance or renewing existing contracts of insurance
until the levy is paid.

††††††† 4.Section 16 of the Act is repealed and the
following substituted:

Information to be
filed by applicant

††††††††††† 16.† (1) Before
the superintendent issues a licence to an insurer incorporated under the laws
of the province, the insurer shall file with the superintendent

†††††††††††† (a)† a certified copy of the charter of the insurer
verified in a manner satisfactory to the superintendent;

†††††††††††† (b)† a certified copy of the balance sheet of the
insurer and auditorís report on the balance sheet;

†††††††††††† (c)† notice of the place where the head office of
the insurer is situated and the name of the insurerís chief executive officer;

†††††††††††† (d)† the names and addresses of the officers of the
insurer;

†††††††††††† (e)† the names and addresses of the directors of
the insurer;

††††††††††††† (f)† a list of the shareholders of the insurer
showing, in respect of each, the number of shares held, the amount subscribed
for, the amount paid in cash and the amount in arrears of call;

†††††††††††† (g)† a statement showing the authorized capital of
the insurer, the number of shares subscribed and the amount paid in cash; and

†††††††††††† (h)† other documents or information that the
superintendent may require.

†††††††††††† (2)† Where an insurer referred to in subsection (1)
is not a company or where some or all of the provisions of subsection (1) are
otherwise inapplicable to that insurer, the superintendent may exempt the insurer
from filing the documents or information which do not apply to the insurer.

†††††††††††† (3)† Before the superintendent issues a licence to
an insurer registered under the Insurance
Companies Act (Canada) the insurer shall file with the superintendent

†††††††††††† (a)† a copy of the order issued under subsection
53(1) or 574(1) of the Insurance
Companies Act (Canada);

†††††††††††† (b)† a notice of the classes of insurance that the
insurer proposes to transact in the province and that notice shall not include
a class of insurance not specifically provided for in the order referred to in
paragraph (a); and

†††††††††††† (c)† proof of registration under the Corporations Act.

†††††††††††† (4)† Notwithstanding paragraph (3)(b), an insurer
registered under the Insurance Companies
Act (Canada) may, with the approval of the superintendent, undertake and
carry on the business of marine insurance in the province, although that class
of insurance is not specifically provided for in the order referred to in
paragraph (3)(a).

†††††††††††† (5)† Before the superintendent issues a licence to
an extra-provincial insurer, the insurer shall file with the superintendent

†††††††††††† (a)† proof of licensing issued to and held by the
insurer in the home jurisdiction of the insurer;

†††††††††††† (b)† a notice of the classes of insurance that the
insurer proposes to transact in the province and that notice shall not include
a class of insurance not specifically provided for in the licence held by the
insurer; and

†††††††††††† (c)† proof of registration under the Corporations Act.

†††††††††††† (6)† Where a change is made in respect of the
documents or information filed with the superintendent under subsection (1),
(3) or (5), the insurer shall immediately notify the superintendent of the
change and file with the superintendent those further documents or notices that
are necessary to provide evidence of the change.

†††††††††††† (7)† Where the documents or information referred to
in subsection (1), (3) or (5) have been filed under the Corporations Act, those documents or the information shall be considered
to have been filed in accordance with this section.

††††††† 5.Section 22 of the Act is repealed.

††††††† 6.Sections 26 to 58 of the Act are repealed.

††††††† 7.Section 59 of the Act is repealed and the
following substituted:

Application of
sections 60 to 71

††††† 59.Sections
60 to 71 apply only to an insurer incorporated under the laws of the province.

††††††† 8.(1) Subsection 63(2) of the Act is amended by
striking out the words and figure "other than the deposit unless otherwise
directed under subsection (3)".

†††††††††††† (2)† Subsection 63(3) of the Act is repealed.

††††††† 9.(1) Subsection 65(1) of the Act is amended by
striking out the words "before an order granting administration of the
deposit and".

†††††††††††† (2)† Subsection 65(2) of the Act is repealed and
the following substituted:

†††††††††††† (2)† The entire assets of the insurer in the
province shall be available for the purpose of securing the reinsurance in
accordance with subsection (1) other than the amount reasonably estimated by
the liquidator or the provisional liquidator as being required to pay

†††††††††††† (a)† the costs of the liquidation or winding up;

†††††††††††† (b)† all claims for losses covered by the insurerís
contracts of which notice has been received by the insurer or liquidator or
provisional liquidator before the date on which the reinsurance is effected;
and

†††††††††††† (c)† the claims of the preferred creditors who are
persons paid in priority to other creditors under the winding-up provisions of
the Corporations Act,

all of which shall be the first charge on
the assets of the insurer.

†††††††††††† (3)† Subsection 65(3) of the Act is repealed.

†††††††††††† (4)† Subsection 65(4) of the Act is amended by
striking out the word and figure "subparagraph (2)(a)(iii)" and
substituting the word and figure "paragraph (2)(c)".

†††††††††††† (5)† Subsection 65(5) of the Act is repealed and
the following substituted:

†††††††††††† (5)† Where, after providing for the payments
mentioned in subsection (2), the balance of the assets of the insurer is
insufficient to secure the reinsurance of the contracts of the insured persons
in full, the reinsurance may be effected for the portion of the full amount of
the contracts that may be possible.

††††† 10.Section 66 of the Act is repealed.

††††† 11.(1) Subsection 67(1) of the Act is amended by
striking out the words "the Newfoundland and Labrador contracts" and substituting the word "those".

†††††††††††† (2)† Subsection 67(2) of the Act is repealed.

††††† 12.(1) Paragraph 69(1)(b) of the Act is repealed
and the following substituted:

†††††††††††† (b)† all claims for losses covered by the insurerís
contracts that occurred before the termination date fixed under section 67 that
have not been paid and of which notice has been received by the insurer or the liquidator;

†††††††††††† (2)† Subsection 69(2) of the Act is amended by

†††††††††††† (a)† striking out the word "dates" and
substituting the word "date"; and

†††††††††††† (b)† striking out the words "or provided for
in the administration of the deposit".

†††††††††††† (3)† Paragraph 69(3)(a) of the Act is repealed and
the following substituted:

†††††††††††† (a)† as at the termination date fixed under section
67; or

††††† 13.Subsection 77(1) of the Act is amended by
adding immediately after the word "insurer" wherever it appears the
words "incorporated under the laws of the province".

††††† 14.Section 83 of the Act is amended by adding
immediately after the word "insurer" the words "incorporated
under the laws of the province".

††††† 15.Sections 85 and 86 of the Act are repealed and
the following substituted:

Financial information

††††† 85.(1) An
insurer incorporated under the laws of the province shall file with the
superintendent, on an annual basis and as otherwise may be required by the
superintendent, a financial report in the form and verified in the manner
prescribed by the superintendent.

†††††††††††† (2)† An insurer other than an insurer incorporated
under the laws of the province shall file with the superintendent, on an annual
basis and as otherwise may be required by the superintendent, financial and
other information in the form and verified in the manner prescribed by the
superintendent.

†††††††††††† (3)† Where an insurer other than an insurer
incorporated under the laws of the province has filed the information referred
to in subsection (2) in a foreign jurisdiction, that information shall be
considered to have been filed in accordance with subsection (2) if it is
available to the superintendent under an information sharing agreement entered
into by the minister and the foreign jurisdiction.

†††††††††††† (4)† An insurer referred to in subsection (1) or
(2) shall reply promptly and explicitly to an inquiry directed to the insurer
by the superintendent in relation to the transactions of the insurer in the province.

Published statements

††††† 86.A
report or statement purporting to show the financial condition of an insurer
differing from the financial information shown by a report or statement filed
with the superintendent shall not be published or circulated and an insurer
publishing or circulating the report or statement is guilty of an offence.